Polish companies to receive nearly EUR 1.6 bln from anti-crisis package

Polish companies will receive a total of nearly PLN 7 billion (EUR 1.6 billion) from the Polish Development Fund's (PFR) 'financial shield' as part of the assistance programme designed to counteract the effects of the coronavirus pandemic.

"The assistance will be offered to around 5 percent of all companies operating in Poland and employing around 5 percent of all working Poles," PFR president Paweł Borys told a press conference on Monday.

"PLN 6.8 billion (EUR 1.5 billion) will be offered to small and micro-companies)," Borys said. "But if we are to take into account appeals against rejected motions, the final amount would reach PLN 7 billion (EUR 1.6 billion)."

Borys recalled that aid from the PFR 2.0 'financial shield' had already been granted to 46,242 companies, including 6,824 small and medium-sized firms and 39,418 micro-companies. He added that the shield had also helped protect over 352,000 jobs.

Referring to PFR's 'financial shield 2.0' assistance for large companies, Borys said that Poland expected the European Commission to approve a 'liquidity loans' package "maybe this week."

"We motioned the EC in November," he explained, adding that PFR "has been constantly working to reduce the effects of the second and third waves of the Covid-19 pandemic."

The PFR Financial Shield is a government programme of financial support for companies hit by the coronavirus epidemic. It enables micro, small and medium-sized enterprises to obtain subsidies that could be as high as 100 percent redeemable.